Long steel social inventories in Guangzhou surged 17% on week

SHANGHAI, Jan 15 (SMM) – Social inventories of long steel (including wire rods and rebar) in Guangzhou increased 17.16% in the week ended January 15 to 1.15 million mt, showed SMM data.

This marked a seventh straight week of gains and produced an increase of 12.83% from the same period before the Chinese New Year holiday last year.

For the same week, stocks of rebar gained 13.13% to 805,600 mt, up 34.33% from a lunar year ago. Stocks of wire rods climbed 27.97% this week to 339,500 mt, 18.23% lower than a lunar year earlier.